Monthly
flow report

For crypto ETPs and ETFs

Our Capital markets team is a cross functional department involved in many levels of our core business. Composed of professionals with extensive experience in crypto-assets and traditional finance, the team focuses on ETF/ETP trading and liquidity, providing quantitative cutting-edge insights.

Our team
Alistair Byas-Perry
VP, Head of Capital Markets & EU Investment
Nicolò Finazzi
Senior Associate, Capital Markets
Alessandro Mondio
Director, Capital Markets
Brendan Layne
Associate, Capital Markets
Michael Friedman
Director, US Capital Markets
21shares
Monthly flows report
December 2025
GlobalUSEU
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December 2025

Europe
  • December marked a reversal in the flow trend for European Crypto ETPs, recording a return to aggregate inflows with + $193.5M, after November was the first month of outflows in eight months. The year ended on a confident note, with total net flows strongly positive at almost $3.4B in 2025.
  • The inflows were again primarily driven by Bitcoin ETPs, which added $362.3M, as well as Ethereum ETPs at $29.8M. On the other hand, Basket ETPs and Solana ETPs led outflows at $86.5M and $71.2M, respectively.
  • December saw a second consecutive decline in overall AUM for European Crypto ETP, with a drop of 5.5% to $13.6B. This decline was primarily due to significant price contractions across most underlying assets, which took precedence over the effect of the net inflows.
  • 21shares retained the top spot across issuers, closing the year with a 27% AUM market share.
  • ABTC, AETH, CBTC, ETHC, and ASOL held their positions as the 21shares ETPs with the tightest average bid/ask spreads, with ETHC and ASOL switching spots in the rankings. However, market volatility and thin holiday liquidity resulted in a widening of quotes across most products in the market. Despite this, 21shares Bitcoin ETP (ABTC) spread s stayed consistent below 5 bps, maintaining a leading position in Europe.
  • Crypto ETPs demonstrated resilience throughout the month. Despite heightened volatility and December's challenging liquidity conditions, spreads for the Solana Staking ETP (ASOL) remained remarkably stable, holding steady at approximately 7.5 bps. This highlights the robust trading environment for these products, consolidating ASOL as the most liquid Solana ETP and investment vehicle of choice for investors.
  • Total 21shares ADV saw a relatively substantial decline of approximately 37.2%, from $51.9M in November to $32.6M in December. Within the product suite, the Solana Staking ETP (ASOL) was the most actively traded ETP at $8.14M, followed by ABTC at $5.55M, AETH at $3.62M, and AXRP at $3.21M.
  • Trading volume across major European exchanges fell substantially, totaling approximately $87.5M in December, a significant decrease of 39.8% compared to November’s $145.3M. Overall, more than $35B have been traded in 2025 across Crypto ETPs on European Exchanges, up 17% since 2024, with 21shares consolidating as the most traded issuer. Xetra continues its dominance as the largest venue for Crypto ETPs, recording $53.5M in average daily turnover. Euronext Paris recorded the most significant drop, with its ADV falling to $5.3M, a decrease of 53.1% MoM. This decline is attributed to December’s holiday trading conditions with wider spreads and thinner liquidity.
  • 21shares has managed to maintain its strong position on major exchanges, with leading market shares on SIX Swiss Exchange and Euronext Paris, with London Stock Exchange and Euronext Amsterdam not far behind.
United States
  • The AUM for Spot Bitcoin ETFs in the US fell to $118.8B in December, sliding 5.2% MoM as BTC dipped ~ 4%. Spot BTC ETFs averaged over $3.8B traded daily during December, down ~ 31% MoM. Spot Ethereum ETFs finished with $20.1B in AUM, down 5.6% and primarily attributed to almost $300M in net outflows and a 1.5% drop in ETH’s price.
  • December extended November’s momentum with more spot ‘ 33 Act launches, including a new XRP ETF from 21shares (TOXR) and a new Solana ETF from Invesco/Galaxy (QSOL), broadening access and competition in the altcoin ETF space. The month also saw first-time products for previously unavailable assets in a ‘ 40 act structure like Sui (TXXS).
  • Overall, Crypto ETFs recorded net inflows for a total of $74.3M, marking December as a reversal from November’s - $3.2B NNA.
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Total monthly flows into crypto ETFs & ETPsETFs (US)ETPs (Europe)
Last month NNA by crypto asset (globalUSEurope, top 10 only)
Last month NNA by issuer (globalUSEurope)
Average daily value (ADV) traded on Europe’s major exchanges
December 2025
December 31, 2025
Issuer AUM NNA Dec25 NNA 2025 21shares 3718.9 -45.3 294.1 CoinShares 2776.7 66.2 1067.5 WisdomTree 2040.0 107.4 817.5 Bitwise 1819.1 12.7 206.1 Vaneck 1063.3 13.1 82.0 BlackRock 749.1 80.6 696.5 Virtune 352.2 9.4 223.0 Invesco 350.9 11.5 37.7 Fidelity 316.4 20.2 185.5 Hashdex 151.8 -97.3 -253.0 DWS 85.2 7.5 50.2 Amina 78.7 0.2 -83.3 nxtAssets 47.6 7.2 55.6 DDA 37.6 0.6 -25.1 Issuance Swiss 11.1 0.0 4.7 FiCAS 8.3 0.0 -2.7 Global X 7.4 -0.1 0.4 Fineqia 6.4 0.0 -15.1 HANetf 5.4 -0.2 9.4 Bitcoin Capital 1.7 0.0 0.0 Grand Total 13627.8 193.5 3351.0
Underlying AUM NNA Dec25 NNA 2025 Bitcoin 7582.2 362.3 2041.7 Ethereum 1710.3 29.8 223.9 Solana 1399.9 -71.2 762.4 XRP 1283.5 -42.5 535.0 Basket 884.8 -86.5 -129.3 SUI 145.1 3.8 146.2 Cardano 71.3 2.6 25.5 Chainlink 62.1 -0.9 39.0 Cronos 55.2 0.0 63.6 Lido Staked ETH 50.3 0.2 0.2 Tron 43.2 -0.4 -31.1 Litecoin 36.6 0.3 20.3 Near 33.3 -1.0 54.3 Avalanche 31.6 1.2 26.1 Polkadot 27.8 1.2 16.0 BNB 22.1 1.4 -577.2 XDC 17.3 0.0 25.7 Algorand 16.5 0.8 4.6 Dogecoin 14.9 0.0 26.2 Stellar 14.7 -0.4 9.6 TON 14.5 0.0 -24.5 Uniswap 13.7 2.6 7.4 Tezos 13.6 0.2 0.6 Bitcoin Cash 12.2 -1.4 -3.6 Polygon 9.3 0.2 4.0 AAVE 9.2 5.7 10.4 Aptos 8.5 0.2 0.5 Hype 8.2 -15.8 23.1 Ondo 5.9 0.1 14.7 Celestia 5.1 0.1 30.0 Arbitrum 4.9 0.2 5.8 Other Underlyings* 20.2 0.7 -0.3 Grand Total 13627.8 193.5 3351.0
Month Net flows AUM Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 1304.5 18118.1 Oct25 467.7 17701.3 Nov25 -158.0 14409.9 Dec25 193.5 13627.8
Exchange ADV Dec25 ADV 2025 Deutsche Börse Xetra 53.5 64.7 SIX Swiss Exchange 16.5 23.8 Euronext Paris 5.3 7.2 London Stock Exchange 5.1 1.9 Nasdaq Stockholm 3.2 5.9 Euronext Amsterdam 3.2 4.5
Issuer AUM NNA Dec25 NNA 2025 BlackRock 77564.8 -932.8 34007.8 Grayscale 24511.5 61.7 -2803.0 Fidelity 19926.1 297.4 1644.8 Bitwise 5639.8 -88.9 915.3 Volatility Shares 3687.2 307.7 3070.0 21shares 3609.5 -112.3 -765.5 Proshares 3494.8 245.7 2194.5 Vaneck 1618.4 -89.7 379.6 NEOS 988.2 167.0 1211.6 Franklin Templeton 782.8 154.3 141.1 Invesco 572.3 -3.9 -106.9 CoinShares 536.8 9.7 -271.2 Canary 378.3 44.8 476.6 Rex-Osprey 274.2 -32.8 477.4 Teucrium 183.9 19.6 608.0 WisdomTree 139.5 1.9 -184.3 Hashdex 133.2 0.9 118.3 Rex Shares 74.4 17.9 63.9 Simplify 44.5 5.9 21.9 Grand Total 144160.2 74.3 41200.0
Underlying AUM NNA Dec25 NNA 2025 Bitcoin 118826.8 -294.5 23924.7 Ethereum 20136.3 -295.1 12420.9 Basket 1785.8 -117.3 -149.6 XRP 1753.9 558.4 2483.8 Solana 1503.6 154.3 2318.6 Chainlink 73.8 63.6 67.8 Hedera 50.3 3.4 83.7 Dogecoin 21.5 -0.1 40.8 Litecoin 6.9 0.0 7.7 Sui 1.3 1.5 1.5 Grand Total 144160.2 74.3 41200.0
Month Net flows AUM Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 -3175.5 150464.2 Dec25 74.3 144160.2
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